Iveco introduced a hydrogen fuel cell truckDecember 3, 2019
CNH Industrial Iveco on Tuesday unveiled its first electric truck, Nikola Tre, created in collaboration with U.S. startup Nikola Motor Co.
The heavy truck will be built for the European market in accordance with the agreement announced by the two groups in September, and is expected to be an incentive for Iveco, which, as the smallest of the traditional European truck manufacturers, competes with the power of the Volkswagen, Daimler and Volvo Group.
“Just three months after we signed our partnership, we were able to develop this prototype, just imagine what we will do in the next three years,” said Nikola founder and CEO Trevor Milton at a dinner in Turin on Monday night where Iveco was founded.
He said on Tuesday that orders for Nikola Tre already exceed current production capacities. The truck will be produced on electric and hydrogen fuel cells with a range of up to 966 km. It is expected that deliveries of the electric version for customers will begin in 2021, and models with hydrogen elements in 2023.
The ambitious greenhouse gas reduction goals set by governments around the world are driving the development of alternative drive vehicles, with some countries already committing to abandon traditional internal combustion engines. Under their agreement, CNH acquired a $ 250 million stake in Nikola, consisting of $ 100 million in cash and $ 150 million in services, giving the company in the United States the scale and production capacity for its technology.
CNH CEO Hubertus Mühlhauser on Tuesday declined to disclose the alleged financial impact of the partnership, but added that prior to signing, the company set a conservative average annual growth rate of 1% over the next five years for the freight business.
“Now we believe that we can easily achieve this goal, despite the unstable and complex market,” he said.
Zita Zigan, an analyst with research firm LMC Automotive, noted that in Europe, manufacturers will need to reduce carbon dioxide emissions from new trucks by an average of 15% from 2025 and by 30% from 2030 compared to 2019 levels.
“A partnership like the one between Nikola and CNH can change the game – perhaps creating a real threat to current car manufacturers,” she said.
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